The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The following table shows the winners since 2000, their margin of victory, the winning time, and the payoff on a $2 bet.

a. Determine the mean and median for the variables winning time and payoff on a $2 bet.

b. Determine the range and standard deviation of the variables winning time and payoff on a $2 bet.

c. Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?

Transcribed Image Text:

Winning Margin (lengths) Winning Time (minutes) Payoff on a $2 Bet Year Winner 2000 Fusaichi Pegasus 1.50 2.02000 2.30 2001 Monarchos 4.75 1.99950 10.50 2002 War Emblem 4.00 2.01883 20.50 Funny Cide Smarty Jones 2003 1.75 2.01983 12.80 2004 2.75 2.06767 4.10 2005 Giacomo 0.50 2.04583 50.30 2006 Barbaro 6.50 2.02267 6.10 2007 Street Sense 2.25 2.03617 4.90 2008 Big Brown 4.75 2.03033 6.80 2009 Mine That Bird 6.75 2.04433 103.20 Super Saver Animal Kingdom l'll Have Another 2010 2.50 2.07417 18.00 2011 2.75 2.03400 43.80 2012 1.50 2.03050 32.60 2013 Orb 2.50 2.04817 12.80 2014 California Chrome 1.75 2.06100 7.00 2015 American Pharoah 1.00 2.05033 7.80 2016 Nyquist Always Dreaming Justify 1.25 2.01517 6.60 2017 3.75 2.03983 11.40 2018 2.50 2.04333 7.80